Less than 33% of millennials are homeowners but when we look regionally, that number drops significantly in the major coastal housing markets, like Los Angeles and San Diego. Both of these California housing markets posted less than a 20% homeownership rate among millennials. In Grand Rapids, 45.3 percent of millennials are homeowners. Detroit also reported a higher than average millennial homeownership rate.
Millennials are three times more likely than Baby Boomers to make an offer on a home without having seen it.
When it comes to moving, varying political views can cause hesitation from homebuyers. Among minorities in particular, immigration issues also heavily influence the choice of move.
Detroit and Grand Rapids made America’s 20 Hottest Real Estate Markets for June 2017, coming in at numbers 6 and 13, respectively.
Homebuyers aren’t the only ones fighting for housing, with new rental apartments also struggling to meet demand.
Initial Jobless Claims for last week reported at 244K, slightly higher than expectations.